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On 30 April 2014, the Eastern Caribbean Supreme Court, Court of Appeal was asked to determine the scope of the Court’s discretion under Section 3(1) the Reciprocal Enforcement of Judgments Act, 1922 (the “Act”). The appeal was by Mr Ablyazov against the BVI Commercial Court Judge’s refusal to set aside or vary two orders registering judgments obtained by JSC BTA Bank (the “Bank”) against him in the Commercial Court in England (the “English Judgments”). This latest battle in the Court of Appeal represents continuing efforts by the Bank to recover from Mr Ablyazov billions of dollars in losses caused by his fraudulent misappropriation of the Bank’s assets while acting as its Chairman.
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The Extent of BVI’s Court’s Discretion Under Section 3(1) of the Reciprocal Enforcement of Judgments Act